Germany’s Continental makes profit, lifts outlook
Wednesday, November 3, 2010
BERLIN (AP) — Tire and car parts maker Continental AG has reported a third-quarter net profit, helped by a 22 percent rise in revenue, and lifted earnings targets as the auto industry pulls out of the economic crisis.
Continental reported Wednesday earnings of 14.1 million ($19.7 million) for July-September compared with a loss of 1.04 billion a year earlier. Sales rose to 6.49 billion from 5.34 billion.
The company says it is raising its full-year outlook and now expects revenue of more than 25 billion. But it cautioned that net earnings won’t keep pace with an improved pre-tax profit margin because of expenses related to a loan and tax assets.
Continental earned 363 million in January-September after losing nearly 1.5 billion a year earlier. Sales climbed to 19.14 billion from 14.4 billion.